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Microcap & Penny Stocks : Manhattan Scientific....MHTX -- Ignore unavailable to you. Want to Upgrade?

To: dwight martin who wrote (95)	4/1/1998 9:46:00 AM
From: Gerald Thomas	Read Replies (1) \| Respond to of 942

n January 1998, Tamarack was acquired by Manhattan Scientific, Inc., "MSI") (formally Grand Enterprises, Ltd.) a NASDAQ bulletin-board traded company. All of the shares of Tamarack (97% of which were represented by the Company's holdings in Tamarack at the time of the closing) were exchanged for 44 million shares of MSI. Simultaneously therewith, an additional 5 million shares of MSI were sold to the public, resulting in aggregate gross proceeds of $1 million to MSI. Further, in connection with the transaction, the Company's $1,500,000 loan plus accrued interest thereon was exchanged for 182,525 shares of convertible preferred stock of MSI. Each share of this convertible preferred stock is convertible into 50 shares of MSI common stock. The Company also received a warrant to purchase 750,000 shares of MSI common stock at an exercise price of $0.20 per share. Subsequent to the closing of the transaction, MSI has agreed to issue an aggregate of 7.2 million shares to purchase patents in a portable fuel cell technology which MSI is planning to develop commercially.